There are oodles of things Wal-Mart is fearful of, from Fed interest-rate policy to climate change, but here’s the specific language on benefits: “changes in the amount of payments made under the Supplement Nutrition Assistance Plan and other public assistance plans (and) changes in the eligibility requirements of public assistance plans.” (Yes, Wal-Mart’s lawyers got the name of the program wrong — it’s the Supplemental Nutrition Assistance Program.)

This isn’t the first time Wal-Mart has commented on the business impact of the food-stamp program. On Jan. 31, Wal-Mart said the reduction in food-stamp benefits by as much 5.5% in November hurt its profits last quarter and were the reason the company’s comparable-store sales were negative (-0.4%) rather than flat at its Walmart stores.

Wal-Mart’s risk factors also reflect worries about a skills shortage, both to operate their new stores as well as to build them. The latter is an issue that the building industry is more broadly worried about as well.

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Behind the Storefront is a blog about all things retail. It’s aimed at investors, shoppers and anyone else with a passion for learning about what drives consumer behavior. Hosted by Andria Cheng, Behind the Storefront will cover the business, brands and shopping behavior that’s behind some of the biggest companies, and largest employers, in the world. You can reach Andria at Acheng@marketwatch.com.